Santander axes debit card cashback

The best alternatives to earn as you spend.

There’s a big change for users of the Santander Edge or Edge Up current accounts, with the end to 1% cashback rate on travel and groceries.

Here’s what you need to know, and other ways to earn on your spending.

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What are the Edge and Edge Up accounts?

These two Santander current accounts replaced the 123 and 123 Lite, allowing customers to earn cashback on both their core household bills and some debit card spending.

With a rate set at 1% back in these areas, there was the potential for users to earn up to £240 or £300 a year combined. Though in reality, the return would be much lower.

The Edge account, but not the Edge Up, also offers a separate Edge Saver account paying an excellent 6% interest for a year on balances of up to £4,000. The Edge Up offers a poor 2.5% on balances up to £25,000 instead.

Both accounts have monthly fees. The Edge costs £3 a month, the Edge up costs £5 a month.

What’s changing?

Santander has messaged existing customers to let them know the cashback on debit card spending will end for both the Edge and Edge Up accounts.

The bank says “We’re making this change because the cost of offering cashback has increased. Making this change lets us continue providing the account“.

No other features are changing. The fees for each account are also the same, so you’ll get getting less for the same amount.

When is it cashback ending?

1% cashback on spending will end on 9 September 2025 for all customers.

Though it’s been removed as a key feature on the Santander website, new customers will still be able to earn this money back until the same date.

Should you ditch your Edge current account?

Despite this change, I personally don’t think it makes a difference. I’ve always preferred using a cashback card that isn’t restricted to certain spends as it offers greater flexibility. The draw of the Edge has always been the 1% back on bills and 6% savings account.

As long as you’re covering the £3 with the bills cashback, and have more than a few quid in the Edge Saver, it’s still a decent account to have.

Now, if you have the Edge Up then I’d certainly be getting rid of that. The extra £2 is hard to justify, especially as you miss out on the savings rate! You can easily downgrade to the Edge account in your Santander app or account.

Cashback card alternatives

If you need a different way to earn as you spend, then we’ve a full guide to the different cashback credit and debit card options. My personal pick is the Nectar American Express, earning you two points for every £1 you spend – which works out as 1%.

Santander actually has an Edge credit card paying 2% for the first year and 1% after that, though there’s a cap on how much you can earn each month and a fee.

Or the Trading 212 debit card is offering 1% until early July (increased to 1.5% if you auto-invest your cashback), dropping to 0.5% after this (though it could be extended).

You could also look at Chase, offering 1% on groceries and travel, the same as Santander offered before this change.